Key Performance Trends in the Market Research Industry

Market research conjoins consumer behavior with economic tendencies to upgrade business operations. Companies need to ascertain the consumer base and thus opt for market research services to gather information, such as forecasts and expert analysis, to leverage opportunities in their industries.

Over the years, market research has transformed from opinion research to massive global business, dictating various marketing decisions. Since research methods depend heavily on mathematical standards, corporations, government bodies, and consultants can form effective policies using these statistical data.

Estimates suggest that the availability of skilled labor and proven expertise in data management, infrastructure, and cost competitiveness will spearhead a major shift in the industry by 2030. Moreover, innovations like AI and automation will also help expand the industry’s revenue growth. Along with the overview of future trends, it is essential to understand the past developments that have shaped the industry to gauge the overall growth.

How has COVID-19 affected the Market Research Industry? 

According to industry sources, the overall growth lowered compared to pre-COVID times due to lockdowns and uncertainty pertaining to the virus in 2020. Nevertheless, more than half of market research companies grew. In fact, while COVID-19 negatively impacted several industries, it rather had a positive impact on the market research firms.

Moreover, several buyers focused on understanding new developments during the pandemic in their industries, leading to high demand for COVID-19 impact reports. Though the pandemic resulted in revising existing data and report structure, the growing revenues have brought promising results. Besides, companies’ ability to gain new clients rose by around 17% at the beginning of 2021.

Industry Performance in the US and UK:

Market Researchers employ a wide range of qualitative and quantitative methods to provide vital industry information, keeping data accuracy, speed, and cost-effectiveness. The market research firm has grown significantly in the last few years, with the US and UK emerging as dominating countries.

Below are the latest trends observed in the countries’ market research industry. 

The United States:

• A rapid rise in R&D and internet advertising expenditure drives the demand for industry solutions, increasing investments in research reports. 
• More than 40,000 companies offer market research solutions across the nation, generating around $22 billion in revenue together. 
• Social media and the transforming media environment have modernized the market research methods, gaining acceptance from clients. 
• Major research companies are involved in offering data relating to broadcast media ratings, opinion research, statistical sampling, and political opinion polling. 
• Key industries buying market reports include automotive, advertising, public administration, and pharmaceutical.

The United Kingdom:

• As per industry estimates, the country is among the largest research market in the region, maintaining around 40% of the region’s research output. The industry employs more than 60,000 people. 
• Robust advertising activity and high demand for media research support the growth of market research firms, having expertise in web-based research. 
• The government’s commitment towards increasing public spending will drive the research demands from the public sector. 
• Online media measurement has emerged as a major focus point for several research companies. 
• Given these parameters, Triton has formulated numerous up-to-date reports through innovative tools and methods that assist business forerunners to understand market dynamics, foresee developments, and detect relevant opportunities during uncertain times and post-recovery.

Future of Market Research:

The market research industry has witnessed steady growth in the past; however, innovations could increase possible revenue in the upcoming years. This highlights the question; what trends will shape the industry in the near future?

After detailed research, the social listening method, a practice of analyzing social media exchanges, is expected to take center stage for researchers in 2022 and years ahead. While it is not a new term in the world of market research, the blurring line between real and virtual will popularize it as a major approach towards understanding consumer behaviors and market trends.

Frequently Asked Questions (FAQs):

1. What is Market Research?

Market research combines consumer behavior with economic tendencies to improve business operations.

2. Why do businesses require Market Research?

Companies need to identify the consumer base and thus opt for market research to gather information, such as forecasts and expert analysis, to leverage opportunities in their industries.

3. How do analysts conduct research?

Market Researchers employ a wide range of qualitative and quantitative methods to provide vital industry information, keeping data accuracy, speed, and cost-effectiveness in mind.

4. Is Market Research a big industry?

In the last few years, the market research industry has grown tremendously, with the US and UK emerging as the dominating countries.